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1 Part IV: Security Analysis Ch.12: Macroeconomic and Industry Analysis Equity Ch.13: Valuation Ch.14: Financial Statement Analysis 0

2 Chapter 14 Financial Statement Analysis 1

3 Financial Statements Analysis Comparing the firm s performance with other firms in the same industry Evaluating trends in the firm s financial position over time Identify S and W and take actions to improve performance and to increase the firm s stock price 2

4 Financial Statements 재무제표 (financial statements) Providing an accounting picture of the firm s operations and financial position To interest groups of stockholder, creditors, potential investors and government 기업간 / 연도별객관적인비교가가능 주요 4대재무제표 대차대조표 (B/S : Balance Sheet) 손익계산서 (I/S : Income Statement) 자본변동표 (Statement of Stockholders Equity) 현금흐름표 (Statement of Cash Flows) 3

5 Balance Sheet 대차대조표 : provides a snapshot of a firm s financial position at one point in time 년 12 월 31 일현재 2008 년 12 월 31 일현재 (ASSETS) 자산 Debt (Liability): 부채 ( 타인자본 ) Equity: 자산 부채 자본 ( 자기자본 ) 자본 * 유동성순서대로나열 * 유동성 (liquidity) : 가치손실없이현금화속도 4

6 Balance Sheet (cont d) 대차대조표 : 자산 (Asset) Ⅰ. 유동자산 (Current Assets) ㅇ당좌자산 - 현금및현금성자산 : 현금, 당좌 ( 보통 ) 예금 - 유가증권 : 타기업주식과회사채 - 매출채권 : 외상매출금, 받을어음ㅇ재고자산 : 상품, 제품 Ⅱ. 고정자산 (Long-Term (fixed) Assets) ㅇ투자자산 : 장기금융상품, 투자유가증권ㅇ유형자산 : 토지, 건물, 기계장치, 선박ㅇ무형자산 : 영업권, 창업비, 개발비, copyrights, patents 5

7 Balance Sheet (cont d) 대차대조표 : 부채 (Liability; Debt) Ⅰ. 유동부채 (Current Liability) 매입부채 : 외상매입금, 지급어음 단기차입금 미지급금 : 미지급대금 ( 광고료, 판매수수료 ) 미지급비용 : 미지급이자, 미지급임차료, 미지급전력료 선수금 : 미리받은계약이행보증금 Ⅱ. 고정부채 (Long-Term Debt) 사채 : 회사채 장기차입금 6

8 Balance Sheet (cont d) 대차대조표 : 자본 (Equity) Ⅰ. 자본금 : 주주의출자액 ( 주식의총액면가액 :common stock) Ⅱ. 자본잉여금 : 경영성과가아닌자본거래에의한이익 ( 주식발행초과금 :paid-in capital) Ⅲ. 이익잉여금 : 당기순이익의누적유보액 (retained earning) Ⅳ. 자본조정 : 임시자본항목 ( 자사주매입 ) 7

9 Balance Sheet BALANCE SHEETS - Allied Food Products - December 31($ mil. ) Assets Cash and equivalents $ 10 $ 80 Accounts receivable Inventories Total current assets $ 1,000 $ 810 Net plant and equipment 1, Total assets $ 2,000 $ 1,680 Liabilities and Equity Accounts payable $ 60 $ 30 Notes payable Accruals Total current liabilities $ 310 $ 220 Long-term bonds Total debt $ 1,060 $ 800 Common stock (50M shares) Retained earnings Total common equity $ 940 $ 880 Total liabilities and equity $ 2,000 $ 1,680 8

10 Income Statement 손익계산서 (Income Statement): summarizes a firm s financial performance over a given period of time 2008 년 1 월 1 일부터 2008 년 12 월 31 일까지 비용 수익 당기순이익 9

11 Income Statement (cont d) 손익계산서 (Income Statement) Ⅰ. 매출액 (Sales) : 상품및서비스의판매수익 Ⅱ. 매출원가 (COGS) : 상품과서비스의구입 / 제조원가 Ⅲ. 매출총이익 (Gross profit) Ⅳ. 판매비와관리비 : 급여, 임차료, 접대비, 감가상각비, 광고선전비, 연구개발비 Ⅴ. 영업이익 (operating income: EBIT) Ⅵ. 영업외수익 : 이자 ( 배당금 ) 수익, 임대료, 외화환산이익 Ⅶ. 영업외비용 : 이자비용, 재고자산평가손실, 외화환산손실, 유가증권 ( 유형자산 ) 처분손실 Ⅷ. 경상이익 Ⅸ. 특별이익 : 비경상적, 비반복적거래이익 ( 고정자산처분이익 ) Ⅹ. 특별손실 : 재해손실 ⅩI. 법인세비용차감전순이익 ⅩII. 법인세비용 ⅩIII. 당기순이익 10

12 Income statement INCOME STATEMENTS - Allied Food Products - Years Ending December 31(in millions of dollars) Sales $3,000.0 $2,850.0 Operating costs except depreciation 2, ,497.0 EBITDA $383.8 $353.0 Depreciation & Amortization Earnings before interest and taxes (EBIT) $283.8 $263.0 Less interest Earnings before taxes (EBT) $195.8 $203.0 Taxes Net income $117.5 $

13 Income statement [Per share data] Common stock price Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Cash flow per share (CFPS) EPS=NI/# of shares outstanding DPS=Div/# of shares outstanding BVPS=Total common equity/# of shares outstanding CFPS=NI+Dep.+Amort./# of shares outstanding 12

14 Statement of Cash Flows 지난 6 월부도가난중견건설사신일. 이회사의손익계산서에는지난해 181 억원, 2005 년에는 247 억원에달하는순이익을낸것으로적혀있다. 흑자도산인셈이다. 미미하다면몰라도수백억원에달하는이익, 그것도수년간이익을내고있는업체가왜갑자기부도를냈을까의아하다. 의문은이회사의현금흐름표를보면금방풀린다. 지난해영업활동을통해신일이거둬들인현금이 756 억원이나적자이기때문이다. 현금흐름표는기업의실제현금유출입을기준으로작성한다. 사안이발생했을때수익과비용을기록하는손익계산서에선알수없는실질적인자금상태ㆍ단기지급능력을포착할수있다는얘기다. [ 출처 : 매일경제 2007 년 9 월 11 일화요일 A5] 13

15 Statement of Cash Flows 현금흐름표 : reports the impact of a firm s activities on cash flows over a given period of time 2008년 1월 1일부터 2008년 12월 31일까지 Ⅰ. 영업활동으로인한현금흐름 (Operating activities) 매출, 원재료 / 상품매입, 급료, 이자수익과비용, 법인세, 재고자산 Ⅱ. 투자활동으로인한현금흐름 (Investing activities) 유가증권의처분 / 취득, 유형자산의처분 / 취득, 자금의대여 / 회수 Ⅲ. 재무활동으로인한현금흐름 (Financing activities) 차입금차입 / 상환, 사채발행 / 상환, 신주발행, 배당금지급 Ⅳ. 현금의증가 ( 감소 ) : I+II+III Ⅴ. 기초의현금 Ⅵ. 기말의현금 : IV+V 14

16 Statement of Cash Flows STATEMENT OF CASH FLOWS - Allied Food Products (2010) I. Operating Activities Net Income before dividends Additions (Sources of Cash) Depreciation and amortization 100 Increase in accounts payable 30 Increase in accruals 10 Subtractions (Uses of Cash) Increase in accounts receivable -60 Increase in inventories -200 Net cash provided by operating activities

17 Statement of Cash Flows II. Long-Term Investing Activities Cash used to acquire fixed assets* -230 III. Financing Activities Increase in notes payable 50 Increase in bonds 170 Payment of dividends Net cash provided by financing activities IV. Net change in cash and equivalents V. Cash and equivalents at beginning of the year 80 VI. Cash and Equivalents at End of the Year 10.0 * Increased NFA + depreciation 16

18 Statement of Stockholders Equity 자본변동표: shows how much of the firm s earnings were retained, rather than paid out as dividends STATEMENT OF Stockholders Equity - Allied Food Products (2010 ) (in millions of dollars) Common Stock Balance, Dec.31, Retained Earnings Net Income Cash Dividend (57.5) Additional Retained Earnings Balance, Dec.31, Total Stockholders Equity

19 Five major categories of ratios and what questions do they answer? Liquidity: Can we make required payments? Asset management: right amount of assets vs. sales? Debt management: Right mix of debt and equity? Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in ROE, and ROA? Market value: Do investors like what they see as reflected in P/E and M/B ratios? 18

20 Liquidity ratios Current ratio= Current assets / Current liabilities = $1,000/$310=3.2X Quick ratio= (Current assets-inventories) / Current liabilities =($1,000-$615)/$310=1.2X 19

21 Asset Management ratios AMRs: A set of ratios that measure how effectively a firm is managing its assets Evaluation Inventory Receivables Fixed Assets Total Assets Ratio Inventory Turnover Ratio Days sales outstanding (DSO) FA Turnover Ratio TA Turnover Ratio 20

22 Asset Management ratios (cont d) Inv. turnover = Sales 1) / Inventories 2) = $3,000/$616=4.9X DSO 3) =Receivables/Average sales per day = Receivables / (Sales/365) = $375/($3,000/365)=45.625days 1) COGS can be used. 2) better to use average inventory 3) the average length of time a firm must wait after making a sale before receiving cash; ACP (Average Collection Period) 21

23 Asset Management ratios (cont d) FA turnover = Sales / Net fixed assets = $3,000 / $1,000 = 3x TA turnover = Sales / Total assets = $3,000 / $2,000 = 1.5x 22

24 Debt Management Ratios D/A ratio = Total debt / Total assets = $1,060/$2,000=53% D/E ratio = Total debt / Total Equity = $1,060/$940=113% TIE* Ratio = EBIT / Interest expense = $283.8/$88=3.2X *Times-interest-earned( 이자보상비율 ) 23

25 Profitability ratios Showing combined effects of liquidity, asset and debt management on operating results Profit margin on sales = NI / Sales Basic Earnings Power (BEP) = EBIT / TA Return on Asset (ROA) = NI / TA Return on Equity (ROE) = NI / Equity 24

26 Profitability ratios (cont d) ROE NI E NI 납세전이익 납세전이익 EBIT 매출액 EBIT 매출액자산 자산 E : NI= 납세전이익 *(1-T), 조세부담 => ROE 2 : 납세전이익 =EBIT-I, 이자부담 => ROE 3 : 매출액영업이익률 4 : 자산회전율 (TA turnover ratio) 5 : 자본구조 25

27 Du Pont Equation ROA = (NI/Sales) x (Sales/TA) = (profit margin) x (total asset turnover) ROE = (NI/Sales) x (Sales/TA) x (TA/equity) Focuses on: Profit margin improvement Asset utilization Debt utilization 26

28 27

29 Market Value Ratios A set of ratios that relate the firm s stock price to its earnings, CFs and book value per share Price/Earnings Ratio (PER) = Price / Earnings per share Price/CF = Price / Cash flow per share Market/Book Value Ratio = Mkt price per share / Book value per share 28

30 Analyzing the market value ratios P/E: How much investors are willing to pay for $1 of earnings. P/CF: How much investors are willing to pay for $1 of cash flow. M/B: How much investors are willing to pay for $1 of book value equity. For each ratio, the higher the number, the better. 29

31 MVA vs. EVA MVA: Excess of the market value of equity over its book value = Market value of equity - Total common equity = $23*50-$940 = $210 EVA: Excess of NOPAT over capital costs = NOPAT Dollar Cost of Capital = EBIT(1-t) (Total Investor-supplied Operating Capital*After-tax percentage Cost of Capital) = $283.8(1-0.4) ($1800*10%) = -$9.7 EVA = (ROIC-WACC)*Total Net Operating Capital = [$283.8(1-0.4)/$1,800-10%]*$1,800 = $-9.72 *ROIC: Return on Invested Capital ( 영업투하자본수익률 ) = NOPAT/Total Net Operating Capital EVA=NI-[(Equity capital)*(cost of equity capital)] EVA=Equity capital*[ni/equity capital-cost of equity capital)] =Equity capital*(roe-coe) 30

32 MVA vs. EVA (cont d) $100,000 investor-supplied operating capital (D/E =1) Cost of debt capital: 10%, cost of equity capital: 14%, tax rate: 40% WACC=W d *COD*(1-t)+W e *COE (where, W d +W e =1) EBIT: $20,000 EVA=$2,000

33 Trend analysis Analyzes a firm s financial ratios over time Can be used to estimate the likelihood of improvement or deterioration in financial condition. 32

34 Potential problems and limitations Comparison with industry averages is difficult for a conglomerate operating in many different divisions. Average performance is not necessarily good, perhaps the firm should aim higher. Seasonal factors can distort ratios. Inflation can distort many firms B/S. Different accounting practices can distort comparisons. 33

포괄손익계산서 (Statements of comprehensive income) Ⅵ. 중단영업이익 (Net income from discontinued operations ) Ⅶ. 당기순이익 (Net Income) , ,298 ( 대손준비금반영후

포괄손익계산서 (Statements of comprehensive income) 주식회사우리은행 Ⅰ. 영업이익 (Operating income) 1. 순이자이익 (Net interest income) (1) 이자수익 (Interest income) (2) 이자비용 (Interest expense) 2. 순수수료이익 (Net fees and commissions